Oil prices may reach $100 a barrel in near future, experts warn

Western countries are proposing economic sanctions against Iran after it revived its nuclear program. The growing tension between this Middle Eastern country and some oil buying nations has caused oil prices to surge to all-time highs prompting analysts to predict it could peak at $100 a barrel in the coming weeks.

Iran, which is the world’s fourth-largest exporter and holds about 10 percent of the world’s total oil reserves, has rankled countries like the UK and the US by announcing Tuesday it would resume its nuclear enrichment facility in Natanz.